Marina Bay and Tanjong Pagar condos still draw interest

The week in review, Aug 21 to 28, saw properties in Marina Bay and Tanjong Pagar continuing to attract buyers’ interest more than a month after the latest property cooling measures were implemented.

Many of the new developments in these areas are mixed-use and combine work-live-play components, says Samuel Eyo, managing director of Lighthouse Property Consultants. Despite the fact that many of them are leasehold, they attract those who like inner-city living. Some examples are V on Shenton, Marina Bay Residences, Marina One, Wallich Residence and Skysuites @ Anson, he adds.

He also points out that this group of buyers are different from those who want projects that are freehold and located in the traditional prime districts of 9, 10 and 11.

At the 54-storey V on Shenton — which is part of the mixed-use development that includes the 23-storey Grade-A office tower, UIC Building — a one-bedroom, 506 sq ft unit on the 51st floor was sold for $1.57 million, according to a caveat lodged on Aug 23. The price translates into $3,098 psf, which is the second highest psf price in the project to date. A week before that, on Aug 16, a 452 sq ft studio unit on the same floor set the record psf price, at $1.46 million ($3,225 psf).

A one-bedroom unit at V on Shenton was sold for $1.57 million ($3,098 psf) on Aug 23 (Pictures: Samuel Isaac Chua/The Edge Singapore)

The 510-unit V on Shenton and UIC Building is a redevelopment of the former office block of the same name by developer United Industrial Corp (UIC). More than 80% of the residential units have been sold since the project was launched in August 2012, according to data from URA caveats. Most of those sold this year were three-bedroom units of 1,356 sq ft to 1,765 sq ft, and one-bedroom units of 484 sq ft to 506 sq ft, with prices ranging from $2,440 psf to $3,225 psf.

The Marina Bay area is unlikely to see any new supply coming on stream in the short term, and developers are not in a hurry to clear their unsold inventory, says Eyo. Buyers are also waiting to see how the high-end property segment will react in the wake...

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